Janney Capital analyst Ken Trbovich said GW Pharmaceuticals' "highly successful" stock offering should leave the company with nearly $500M in cash and equivalents to fund development, but he believes the company's communication regarding drug-drug interaction between clobazam and its lead drug, Epidiolex, in its Phase 3 studies remains unclear. Trbovich sees a significant risk that results from the already completed Phase 3 studies in Dravet and LGS "have been confounded by the clobazam/cannabidiol interaction" and that GW may need to conduct at least one additional Phase 3 study before the FDA may be convinced to approve Epidiolex, he tells investors. The analyst keeps a Sell rating and $40 fair value estimate on GW Pharmaceuticals shares.